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Wednesday 2nd of January Market Report

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Monday 2nd of January 2013 as of 14:00 CET

I wish everybody a Happy New Year and all the best for 2013.

The markets are all in risk on mode this morning following the debt deal in the US over the Holiday. The S&P 500 futures are trading up 24,75 points or nearly 1.75%higher at 1444.75 at the time of writing. Dax futures are trading at a 5 year high, up 2.09% at 7778. Euro is above 1.3250, up 0.42%. The gap in the S&P500 will be massive and I am a bit critical to further upside at this point. The debt deal is a bare minimum for what could be expected in my opinion and I think it is completely nuts that we are this much higher on the news. Ok, we traded way lower into the weekend and one could say that was an overreaction and we should maybe not been that low. However the gap is so large that I would be surprised if the market does not take it lower following a possible short squeeze at the open.  VIX will open much lower following the huge drop on previous session.

 

Asia equity markets closed higher with Shanghai up 1.73, Australia’s S&P/ASX 200 up 1.23% and Nikkei 225 up 0.70%.

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